A recent study by McKinsey & Company found that companies that improve the experience for current customers grow twice as fast as their industry peers.
There were two of the stats that stood out to me:
1. Compensating for the value of one lost customer can require the acquisition of three new customers.
2. 80 percent of the value creation achieved by growth companies comes from unlocking new revenues from existing customers.
McKinsey calls out the need to create a “distinctive customer experience.” I call it DX, a differentiated experience. Because your brand today is no longer what you tell people it is. It is the differentiated experience your employees deliver. It is what you stand for and how your customers “feel” about you. And most importantly, your brand is what your customers tell others about their experience.
Takeaway: Take care of the customers you have and they’ll bring you the customers you want.